SPY 205.68 neutral – Consolidates within a 14-month 17%/31 point
SPY 205.68 neutral – Consolidates within a 14-month 17%/31 point range
SPY has formed a 14-month long 17%/31 point range between 181.92 (October 13, 2014 weekly low) and 213.78 (May 18, 2015 record high). Currently it is about 4% away from the range ceiling at 213.78. The market has to clear the 211.66 resistance area (November 2, 2015 weekly high) to retest the 213.78.
However, a break below 199.83 (December 14, 2015 weekly low) would prolong the consolidation and weaken towards the 195.03 area (September 28, 2015 weekly high) to fill the gap. Below there would expose the low end of the range at 186.93 (September 28, 2015 recovery low) ahead of the 182.40 spike low (August 24, 2015) near the October 2014 low at 181.92.
Outlook:
Intraday: neutral
Daily: neutral
Weekly: neutral
Monthly: neutral
SPY has formed a 14-month long 17%/31 point range between 181.92 (October 13, 2014 weekly low) and 213.78 (May 18, 2015 record high). Currently it is about 4% away from the range ceiling at 213.78. The market has to clear the 211.66 resistance area (November 2, 2015 weekly high) to retest the 213.78.
However, a break below 199.83 (December 14, 2015 weekly low) would prolong the consolidation and weaken towards the 195.03 area (September 28, 2015 weekly high) to fill the gap. Below there would expose the low end of the range at 186.93 (September 28, 2015 recovery low) ahead of the 182.40 spike low (August 24, 2015) near the October 2014 low at 181.92.
Outlook:
Intraday: neutral
Daily: neutral
Weekly: neutral
Monthly: neutral